Congress Wealth Management LLC DE Sells 59,562 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Congress Wealth Management LLC DE cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 13.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 384,709 shares of the network equipment provider’s stock after selling 59,562 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Cisco Systems were worth $22,775,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. FPC Investment Advisory Inc. acquired a new stake in Cisco Systems during the fourth quarter worth approximately $26,000. Runnymede Capital Advisors Inc. acquired a new stake in Cisco Systems during the 4th quarter worth approximately $30,000. Campbell Capital Management Inc. bought a new stake in Cisco Systems in the 4th quarter valued at $31,000. Highline Wealth Partners LLC grew its holdings in Cisco Systems by 76.7% in the 4th quarter. Highline Wealth Partners LLC now owns 599 shares of the network equipment provider’s stock valued at $35,000 after buying an additional 260 shares in the last quarter. Finally, Synergy Investment Management LLC bought a new position in Cisco Systems during the 4th quarter worth $36,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Cisco Systems Trading Down 0.5 %

Shares of Cisco Systems stock opened at $60.30 on Monday. The firm has a market capitalization of $239.89 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 4.16 and a beta of 0.79. The company has a current ratio of 0.87, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $61.95 and its 200 day moving average is $58.17. Cisco Systems, Inc. has a 1 year low of $44.50 and a 1 year high of $66.50.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, February 12th. The network equipment provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.14). Cisco Systems had a return on equity of 26.08% and a net margin of 16.96%. Equities research analysts forecast that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.

Cisco Systems announced that its board has authorized a share repurchase plan on Wednesday, February 12th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the network equipment provider to reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Cisco Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.72%. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 71.62%.

Insider Transactions at Cisco Systems

In other Cisco Systems news, SVP Maria Victoria Wong sold 762 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $60.99, for a total value of $46,474.38. Following the sale, the senior vice president now owns 44,155 shares in the company, valued at approximately $2,693,013.45. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Thimaya K. Subaiya sold 2,065 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $60.70, for a total value of $125,345.50. Following the completion of the sale, the executive vice president now directly owns 191,184 shares of the company’s stock, valued at approximately $11,604,868.80. The trade was a 1.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,547 shares of company stock worth $4,275,553. Insiders own 0.01% of the company’s stock.

Wall Street Analysts Forecast Growth

CSCO has been the subject of a number of recent research reports. StockNews.com cut shares of Cisco Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 5th. Wells Fargo & Company reissued an “equal weight” rating on shares of Cisco Systems in a report on Thursday, March 6th. DZ Bank raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 18th. Melius upgraded Cisco Systems from a “hold” rating to a “buy” rating and boosted their price target for the company from $66.00 to $73.00 in a research note on Monday, January 6th. Finally, Barclays restated an “equal weight” rating on shares of Cisco Systems in a research note on Thursday, March 6th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Cisco Systems has a consensus rating of “Moderate Buy” and an average target price of $66.63.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.